That five-card cycle came out in Commander 2017 , a set of Commander decks built around creature subtypes
Honestly, when I think of Punishing Fire in the context of current Modern, it's either laughable (against Primeval Titan, control, Crashing Footfalls, 3/3 Dragon's Rage Channeler, reanimated Archon of Cruelty, etc.) or potentially even a positive, as a repeatable answer for the repeatable cheap threats from various Lurrus of the Dream-Den decks
The first of these was Jace's Phantasm, but these effects were memorably used in the Rogues deck after Zendikar Rising , which used cards with reverse threshold like Drown in the Loch and Thieves' Guild Enforcer alongside cards that milled opponents
Requiring supplemental game pieces to track and be explained, these mechanics are almost incomprehensible to new players
Here's where things get tricky